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Compare your loan options in Michigan

If you’re looking for a payday loan in Michigan, here’s what you need to know.

Payday loans can be an option if you need cash to pay for an emergency expense, but you’ll want to make sure you’re getting the best deal. Read our guide on payday loans in Michigan before you take one out to save yourself time and money.

OppLoans Installment Loans

OppLoans Installment Loans

OppLoans offers borrowers fast funding with lower interest than a typical payday loan.

  • Minimum Loan Amount: $1,000
  • Maximum Loan Amount: $4,000
  • Loan Term: 9 to 36 months
  • Turnaround Time: 1 business day
  • Must be 18+ years old (19+ in Alabama)

    How does payday lending in Michigan work?

    Section 487.2121 et seq. of the Michigan Compiled Laws, referred to as the Deferred Presentment Service Transactions Act (Act 244 of 2005), governs the functioning of payday lenders.

    This list simplifies how much you can borrow and what it will cost.

    • Maximum loan: $600
    • Loan term: 31 days or less
    • Financing fee: Varies by loan amount
    • APR: A 14-day $100 loan has an APR of 390%
    • Collection fees: Lenders are allowed one $25 non-sufficient funds (NSF) fee

    A breakdown of financing fees:

    • First $100: 15%
    • Second $100: 14%
    • Third $100: 13%
    • Fourth $100: 12%
    • Fifth and sixth $100: 11%

    You may only have two payday loans at once, but they must be from different lenders. Rolling over/refinancing your loan isn’t permitted unless the lender doesn’t charge a fee.

    If you find any irregularities in your loan or wish to file a complaint, contact the Department of Insurance and Financial Services.

    Possible changes to current laws

    Be on the lookout for more information regarding the bills SB 430, SB 431 and SB 432. These would increase the amount consumers can borrow, which further increases the high-cost of payday loans. There are many consumer groups and activists against the bills, but even if they pass, remember that you should only borrow as much as you can afford.

    Payday loans offered in Michigan

    Check the websites of any providers you’re interested in to confirm they operate Michigan.

    Rates last updated November 20th, 2017
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time Requirements
    LendUp Payday Loans
    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.
    $250
    7–30 days
    generally receive the money the next business day
    Be 18+ years of age and have a checking account that can accept electronic transfers.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    Check into Cash Payday Loan
    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
    $1,000
    Varies by state
    1–2 business days
    You must be at least 21 and an American citizen and have a bank account, email address and phone number.
    ACE Cash Express Payday Loans
    Quick short term, installment and title loans come with no prepayment penalty and a 72-hour satisfaction guarantee.
    Varies by state
    Varies by state
    Generally receive the money the next business day
    Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.

    Compare up to 4 providers

    Applying for a payday loan in Michigan

    Lenders require you to be at least 18 years old, a citizen or permanent resident of the US and that you have a regular source of income. If you meet these basic requirements, you’ll need to supply your Social Security number, date of birth, information about your employment, contact details and a valid form of ID to fully complete your application.

    If you’re applying online, you’ll also need to give the lender access to your checking account. This is so your loan can be deposited directly and your payments debited when your loan is due. Be careful, though–if you don’t have enough to pay back your loan, you can be charged overdraft fees by the bank and a NSF fee by the lender.

    Before committing to a loan, think about the alternatives

    A payday loan can be a good option when you’re facing a financial crisis like an unexpected bill or a shortfall in your budget, but they aren’t long-term solutions to financial problems. When you’re looking into payday loans, spend some time contacting local programs like Project FRESH or the Michican Medicare/Medicade Assitance Program (MMAP). These can help take care of other bills while you work on paying down your debt.

    Think of payday loans as a last resort and check out our alternatives page

    Bottom line

    When you’re looking into paday loans, be sure to consider all the costs, how much interest you’ll be charged and the other options available to you before making a decision. Payday loans can be expensive, but when you’re in a rough patch, they can be used to get by and help pay down other debts.

    Have more questions about Michigan payday loans?

    A lender can offer an extension on a payday loan, provided it does not charge any additional fee for the same. Keep in mind this extension can only be for an additional 61 days. Lenders aren’t required to grant this extension.

    If you get eight payday loans from any one payday lender in a 12-month period, you have the option to repay the eighth loan and every additional transaction in the given 12-month period through a written repayment plan, subject to terms and conditions.

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    2 Responses

    1. Default Gravatar
      DianeJuly 19, 2017

      I do not have a checking account. I have used a rush card debit account for the past 7 years. I started receiving social security in 2012 and my social security check has always been deposited into this account. Are there any lenders that will consider using a debit account for a payday loan?

      • Staff
        HaroldJuly 19, 2017Staff

        Hi Diane,

        Thank you for your inquiry.

        Yes, there are lenders who also considers debit account. You may want to consider the options here.

        I hope this information has helped.

        Cheers,
        Harold

    US Payday Loans Offers

    Learn about our information service
    Slam Dunk Loans

    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

    LendUp Payday Loans

    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.